Apple announces strong revenues for iPhone, Wearables and Services for it's fiscal 2020 first quarter ended December 28, 2019.
The Company showed an increase of 9 percent, an all-time record from the same period last year with a quarterly revenue of $91.8 billion, and quarterly earnings per diluted share of $4.99 up 19 percent. International sales accounted for 61 percent of the quarter’s revenue.
In a statement by Tim Cook, Apple’s CEO, “We are thrilled to report Apple’s highest quarterly revenue ever, fuelled by strong demand for our iPhone 11 and iPhone 11 Pro models, and all-time records for Services and Wearables”. He went on to say, “During the holiday quarter our active installed base of devices grew in each of our geographic segments and has now reached over 1.5 billion. We see this as a powerful testament to the satisfaction, engagement and loyalty of our customers — and a great driver of our growth across the board.”
Apple’s CFO, Luca Maestri added that Apple's strong business performance drove an all-time net income record of $22.2 billion, generated operating cash flow of $30.5 billion. This allowed the company to return nearly $25 billion to shareholders during the quarter, and drive $20 billion in share repurchases, together with $3.5 billion in dividends and equivalents, allowing Apple to maintain their target of reaching a net cash neutral position over time.
Apple provided the following guidance for its fiscal 2020 second quarter:
- revenue between $63.0 billion and $67.0 billion
- gross margin between 38.0 percent and 39.0 percent
- operating expenses between $9.6 billion and $9.7 billion
- other income/(expense) of $250 million
- tax rate of approximately 16.5 percent
Apple’s board of directors has declared a cash dividend of $0.77 per share of the Company’s common stock. The dividend is payable on February 13, 2020 to shareholders of record as of the close of business on February 10, 2020.